This is what I am looking for to signal a buy from this pair!
I will be waiting for candle closes rejection of the trendline and the zone!
I will also be waiting for an opportunity for a buy order!
You can see it be hitting the 61% FIB Trendline! and its above the 8-0-0 EMA
NZDCAD M30 - Starting to see resistance at 0.85500 now. A break and retest of this ascending trendline would confirm a change in trend. Remember 0.85500 is our H4 resistance zone.
Enjoy our trade analysis? Check out our website and services for more free content! www.tradesimplefx.com
-Very good opportunity to sell at the supply zone which is in confluences with the 38.2% level.
-The Ema is above price suggests Medium term bearish momentum on the pair.
-Price previously broke the ascending channel which is also another indication that price could retest the supply zone and then we could start to see bearish momentum for this pair.
Due to the facts that this pair has been trending downwards since 2017 and that it also closed extremely bearish on the weekly timeframe, this trade is aiming to catch the continuation to the downside once the pullback has finished. Also because price has broken above SUPPORT on the daily i am looking to see price reverse sharply causing the weekly candle to look...
. There is a possibility of temporary retracement to suggested support line (0.8443). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDCAD is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance....
NC looks ready to bounce long due to the pinbar on the daily timeframe. NZD being at all time lows shows that the central bank could inpu stimulus propping up the currency in the short term. Hopefully hold for a few weeks or looks for re-entries on the new potential uptrend.